Salon Media Group, Inc. (OTCMKTS:SLNM) is Attracting Smart Money

In a just published Form 13, filed with the US Securities and Exchange Commission (SEC),...
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In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Catabasis Pharmaceuticals Inc. (NASDAQ:CATB) reported that Spear Point Capital Management Llc.  has picked up 190,154,289 of common stock as of 2017-02-07.

The acquisition brings the aggregate amount owned by Spear Point Capital Management Llc. to a total of 190,154,289    representing a 69.05% stake in the company.

For those not familiar with the company, Catabasis Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics based on its Safely Metabolized and Rationally Targeted (SMART), a linker drug discovery platform. The SMART linker drug discovery platform enables to engineer product candidates that can modulate multiple targets in a disease. The Company’s primary focus is on treatments for rare diseases. The Company is also developing other product candidates for the treatment of lipid disorders. The Company’s CAT-1004 is a SMART linker conjugate of salicylate, a non-steroidal anti-inflammatory drug, and the omega-3 fatty acid docosahexaenoic acid (DHA), a naturally occurring unsaturated fatty acid with anti-inflammatory properties.

A glance at Salon Media Group, Inc. (OTCMKTS:SLNM)’s key stats reveals a current market capitalization of 5.72 million based on 76.27 million shares outstanding and a price at last close of $0.100 per share.

Looking at insider activity, there are a few transactions worth noting.

Specifically, on 2015-06-04, Hambrecht picked up 10,261,429 at a purchase price of $0.35. This brings their total holding to 27,174,322 as of the date of the filing.

On the sell side, the most recent transaction saw Warnock unload 10,261,429 shares at a sale price of $0.35. This brings their total holding to 34,878,281.

It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Salon Media Group, Inc. (OTCMKTS:SLNM) as things move forward to see if its progress aligns with these transactions.

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